Bank of America Ex-Employee Pleads Guilty to Money Laundering Conspiracy

A former Bank of America employee, Rongjian Li, has pleaded guilty to his role in a global money laundering conspiracy that facilitated the operations of drug traffickers and other illicit businesses. According to the U.S. Department of Justice, Li used his position at the bank from 2021 through 2022 to assist a criminal organization led by Jin Hua Zhang in opening several accounts. These accounts were then used to launder illicit funds, some of which were registered using forged passports.

Li's involvement in the scheme included helping Zhang circumvent the bank's anti-money laundering protocols when the bank's financial auditing systems flagged or froze accounts for suspicious activity. This allowed the criminal organization to move illicit funds elsewhere, evading detection by law enforcement agencies. Li was also observed sitting next to Zhang at a dinner in New York, where Zhang discussed the different fee percentages he charged various criminal groups for drug trafficking and scams.

Zhang’s organization is believed to have laundered millions of dollars in a span of months. The investigation revealed that, for a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses. In less than a year, Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents.

Li has pleaded guilty to the charge of conspiracy to commit money laundering. He faces a monetary fine and a prison sentence. The charge of money laundering conspiracy provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $500,000, or twice the amount involved, whichever is greater. The case highlights the ongoing challenge of combating money laundering and financial crimes, which continue to pose significant threats to global security and economic stability. The Department of Justice has emphasized the importance of vigilance and cooperation among financial institutions and law enforcement agencies in the fight against these crimes. The insider's guilty plea is a significant development in the case, and further legal proceedings are expected to follow as the investigation continues.